Property

Price of homes fell in the Balearics in the third quarter

In the Balearics, there was a third-quarter fall in the price of secondhand homes. | Efe

Majorca Daily Bulletin reporterPalma01/10/2020 14:12

According to the latest data from the Idealista property website, the price of secondhand homes in Spain went up 5.6% during the third quarter of the year and so therefore over the period which immediately followed the ending of the state of alarm. While the average of 1,742 euros per square metre was up over five per cent compared with April to June, it was only 0.4% more than the third quarter of 2019.

Idealista suggests that the figures indicate the "optimism" created by European contingency plans, the possibility of obtaining cheap credit, and the expectations for a vaccine. Prices didn't therefore fall "with the anticipated force", while they rose to pre-pandemic levels in some instances.

Of the most popular regional markets, only one - the Balearics - actually experienced a fall in prices. This was by 1.3%. In Madrid there was a modest increase, 1.5%, but in Catalonia there was a 7.8% rise. In other markets, Navarre registered an increase of 9.9%, La Rioja 6.5% and Aragon 6.4%.

Despite the fall in the Balearics, the region remained the most expensive in the country - 3,047 euros per square metre. Elsewhere the averages were 2,779 euros (Madrid), 2,655 euros (Basque Country) and 2,255 euros (Catalonia).